Factoring

SG Ghana Factoring is a working capital financing product where a business entity (i.e. the Seller) sells its trade debts/accounts receivables to the bank (i.e. the Factor). The Factor pays the Seller a percentage of the invoice value (usually 80%) and assumes ownership and full responsibility for the debt. The remainder of the invoice amount less the actor’s fees is paid to the Seller when the debt has been fully paid.

Under a factoring operation, the Seller benefits from at least two of the following services:

Financing of assigned accounts receivables materialised in invoices.

Account receivables management

Account receivables collection

Protection against debtor risk of non-payment (i.e. credit insurance)

As the only one of its kind in Ghana, the Societe Generale Ghana Factoring service has been designed to allow you reduce your outstanding receivable and improve cash flow.

BENEFITS

1. An optimum way to meet your working capital needs:

Manage your working capital according to your financial business needs

Pay your suppliers faster and get rebates

Finance the development of your business easily

2. Get a guarantee against defaults from your debtors approved by SG Ghana:

Protect your profitability and secure your development

Be in charge; be more reactive

3. Management of invoices by SG Ghana

Simplify the management of your receivables

Limit the administrative tasks. Get focused on sales

4. Transfer of receivables

Send stamped invoices to SG Ghana

5. An internet platform as your interface

Interact on a secure platform

Follow-up on real time transactions with ease, anytime you choose

6. Selling and invoicing

You include a payment clause in favour of SG Ghana when you invoice your customer.

7. Guarantee and financing

After validation, your account will be credited with the amount according to the contract.

The balance will then be available at any time.

The credit is done within 24hours.

8. Collecting payment

If the invoices are not paid within the contractual delay, SG Ghana will handle the collection.

9. Payment

SG Ghana receives the money from your customer and gives you the remaining amount less the charges of the transaction